Severn Trent issues warning on impact of Labour nationalisation plans
Utility giant Severn Trent has warned that Labour policies for nationalisation of the industry would impact its ability to fulfil its strategic goals. The opposition party led by Jeremy Corbyn laid out plans earlier this month under which it would offer shareholders in water utilities around half the current market value under a nationalisation programme, were it to win the next general election. The firm said such policies “may fundamentally impact our ability to deliver the group’s strategic objectives, impacting shareholder value”. Chief executive Liv Garfield said: “This has been a year where our teams have really stepped up, whether in response to customer needs in the face of one of the hottest and driest summers we’ve seen or by being named by Ofwat as one of the top companies in the sector when we received fast-track status for our future plans.